someone help me understand student loans.?
Asked by cherryblossomsokay, took out a fed. student loan. got a letter informing me of the disbursement dates of the checks, which was way after the tuition due date. So i decided to check my school account over the web, and i saw the amount that took out for the loan, was subtracted from my balance, and thus have a new balance. So i'm type confused. I was told that the check woudn't come in the mail, until oct., but now i see the $ was dedtucted from my acct.....so i'm a little confused.
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Answered by rebel g
Disbursement is a long process. Once the school has verification from the lender that you have a loan, they will "pre-credit" your account for the amount they are going to receive. If it is not enoughto cover your tuition you will get a bill for the balance. If you are entiteld to extra funds, it takes about 2 weeks from the time the school actually gets the money from the lender. The disbursement date is the day the school is scheduled to receive the funds from your lender.
Disbursement is a long process. Once the school has verification from the lender that you have a loan, they will "pre-credit" your account for the amount they are going to receive. If it is not enoughto cover your tuition you will get a bill for the balance. If you are entiteld to extra funds, it takes about 2 weeks from the time the school actually gets the money from the lender. The disbursement date is the day the school is scheduled to receive the funds from your lender.
